EUR/USD continues sideways grind near 1.0850 on Tuesday

EUR/USD consolidates as markets await key US data.
US Durable Goods Orders declined more than expected.
US GDP on Wednesday, German CPI inflation on Thursday.

EUR/USD remains strung along the middle near 1.0850 after Tuesday brought little to push the pair in either direction after US Durable Goods Orders declined further than forecast in January. Markets await the latest Gross Domestic Product (GDP) figures from the US on Wednesday.

German Retail Sales and Consumer Price Index (CPI) inflation is slated for Thursday, followed by the US Personal Consumption Expenditure Price Index (PCE) inflation print.

Daily digest market movers: EUR/USD drifts ahead of GDP and inflation figures

US Durable Goods Orders printed at -6.1% in January, down from the -4.5% forecast compared to the previous month’s -0.3%.
Germany’s Gfk Consumer Confidence Survey for March came in at the expected -29.0, recovering slightly from the revised previous -29.6.
US GDP is expected to remain at 3.3% for the annualized fourth quarter on Wednesday.
Thursday’s German Retail Sales are forecast to print at -1.5% versus the previous -1.7%.
Germany’s CPI inflation for the year ended February is expected to print at 2.6% versus the previous 2.9%.
US Core PCE inflation is expected to decrease slightly to 2.8% from the previous 2.9%.

Technical analysis: EUR/USD churns near 1.0850
EUR/USD saw tight trading on Tuesday, drifting around 1.0850 after a quick recovery from the day’s low near 1.0833. The pair remains in a near-term pattern of higher lows, but an intraday ceiling near 1.0860 remains a key resistance level.
Despite firm technical resistance, EUR/USD has closed in the green for the last nine trading days as the pair drifts into the 200-day Simple Moving Average (SMA) at 1.0830. Upside momentum remains capped by last week’s peak bids near 1.0888.
EUR/USD hourly